Ow, the loans!

When I graduate I'm going to have about $200k in student loans ($35,000 private from shittybank, the rest subsidized, unsubsidized, and Graduate PLUS). I go to a strong regional T3 and just landed a sweet summer through academic year job through an OCI. I'm in the top 33% of my class. Assuming I land a marginally decent job upon graduation, will I survive? Or will I have to rent a cardboard box behind Kmart?

I just want to know that I'm not alone. That other people in my situation don't end up in boxes or lean-tos or in bad apartments their entire lives. It's godawful scary. Right now, if I dropped out, my loan payments would be $1100 a month. Good lordy.

Funny that you mention it, I just graduated from a strong regional T3 with 200K in debt, and I have acquired a marginally decent job. Coincidentally, I am in fact living in a cardboard box behind Kmart (own, not rent).

Please. You'll graduate, get a decent job, and pay your debt off over time.

I guess I'm just reading all the articles and things online and they talk about how people graduate with substantial debt and their estimates/quotes aren't exactly in the range of hideous debt that I have.

I owe $204k in loans, and pay $900 a month on the 30 year graduated payment program (starts lower and increases every two years). I just went online and checked the numbers - increases about $50 a month every two years until I pay around $1700 a month somewhere in 2033 or something. I'll probably be long dead by then, though, so whatever...

As for affording the payments: it sucks, but I can do it. The wife and I live on about $150k income (pre-tax), which has to cover the mortgage, a few hundred per month in credit card bills, daycare (part-time - one kid: $500 a month), the wife's student loan ($200/month), gas, groceries, all the utilities, and various ancillary items (TIVO, pool/rec club, satellite radio, etc.). We still manage to have some spending cash leftover.

When you give up that much of your income per month, though, you do have to make some concessions. We put most of our recent tax refunds into savings in case our cars need work, and to help offset some of the costs of summer camp/programs for the two kids. New blinds for the house will have to wait.

This is not so difficult to do if you're a man. 99% of men want to marry the hottest babe they can find. If you're willing to "settle" for a rich girl who's not so good looking, this is so very doable. If you're smart enough to graduate from law school, then you should have enough in the mental department to interested such a girl, even if you're not especially good looking.